Paxos Purchases Fordefi to Enhance Stablecoin and Tokenization Framework
Paxos Acquires Fordefi: Blockchain infrastructure company Paxos has acquired Fordefi, a New York-based startup specializing in institutional crypto wallet and custody technology, for over $100 million. This acquisition aims to integrate Fordefi's multi-party computation wallet technology with Paxos' regulated custody infrastructure.
Fordefi's Technology and Operations: Founded in 2021, Fordefi developed one of the first institutional MPC wallets for decentralized finance (DeFi), allowing companies to manage onchain transactions. The startup will continue to operate independently while Paxos plans to gradually integrate its technology.
Paxos' Services and Licensing: Paxos is a regulated blockchain company providing custody, tokenization, and stablecoin services to major enterprises like PayPal and Mastercard. It is licensed in the U.S., Europe, and Singapore, and issues several stablecoins, including PayPal USD and Pax Dollar.
DeFi Integration Trends: The crypto industry is increasingly incorporating DeFi protocols into products, with companies like Kraken and Coinbase enhancing user access to onchain lending and tokenized assets. As of October, DeFi protocols hold approximately $116 billion in total value locked, despite recent market fluctuations.
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Technical Analysis for USDG
Technical Sentiment Analysis for Global Dollar (USDG) As of , Global Dollar (USDG) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 11 technical signals, shows that 5 indicators are flashing buy, while 6 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for USDG stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, USDG is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Global Dollar (USDG) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.967 | 0.975 | 0.987 | 0.995 | 1.008 | 1.015 | 1.028 |
| Fibonacci | 0.975 | 0.983 | 0.987 | 0.995 | 1.003 | 1.007 | 1.015 |
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